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Décision d'investissement d'un agriculteur neutre au risque en présence d'une contrainte financière

Author

Listed:
  • Olivier Mahul

    (ESR - Unité de recherche d'Économie et Sociologie Rurales - INRA - Institut National de la Recherche Agronomique)

Abstract

Dans cet article, nous montrons comment l'introduction d'une contrainte financière dans le problème de maximisation de l'utilité espérée d'un agriculteur modifie ses décisions d'investissement. Bien que supposé intrinsèquement neutre au risque, l'agriculteur va se comporter comme un agent risquophobe ou risquophile, selon que ses liquidités initiales sont suffisantes ou insuffisantes pour honorer ses engagements de fin de période. De tels choix sont dus à la discontinuité de la fonction d'utilité apparente. Nous analysons ses choix d'investissement face à un projet risqué indivisible, puis lorsqu'il dispose d'une fonction de production stochastique à un intrant. Les modifications des conditions d'accès aux marchés financiers peuvent s'avérer être un outil de politique économique intéressant.

Suggested Citation

  • Olivier Mahul, 1996. "Décision d'investissement d'un agriculteur neutre au risque en présence d'une contrainte financière," Post-Print hal-02841740, HAL.
    • Handle: RePEc:hal:journl:hal-02841740
    Note: View the original document on HAL open archive server: https://hal.inrae.fr/hal-02841740v1
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    References listed on IDEAS

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